Lusa - Business News - Portugal: Cork company Corticeira Amorim's profits up 4.0% until September

Lisbon, Nov. 7 (Lusa) – Portuguese cork company Corticeira Amorim posted a profit of €58.6 million, up 4.0%, in the first nine months compared to last year, with sales rising by 9.8% to €538.8 million, the company said on Wednesday.
In a communiqué sent to the Portuguese Securities Market Commission, Corticeira Amorim said that the board of directors will propose to the general shareholders’ meeting on 3 December, the distribution of an additional dividend of €0.085 per share.
Until September, EBITDA (earnings before interest, depreciation and amortisation) rose 2.9%, reaching €108.4 million, with EBITDA/sales ratio decreasing from 19.8% to 18.6% compared to last year.
“Taking into account that the evolution of the prices of raw materials consumed in production, it will be expected that this decreasing trend is to be maintained by the end of the year,” the company said.
In the third quarter, the impact of the dollar devaluation was “almost nil”, contrary to what happened in the first quarter, when the effect adversely influenced the sales and profitably of Corticeira Amorim.
At the end of September, the company’s net remunerated debt amounted to €104.7 million (against €92.8 million at the end of 2017), with the total financial burden recording “a slight increase.”
PD/IMYN // ADB.
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